MANILA,
Philippines - The nation's capital is now among the world's top 30 cities,
according to a recent study by real estate services and investment management
firm JLL.
In
its newest report released last month, JLL identified the Global300 or the top
300 cities that account for more than one-third of the world's economy and that
are also expected to represent the bulk of economic and commercial real estate
activity over the next decade.
Within
the Global300, JLL listed 30 cities which account for 41 percent of the
economic output, 43 percent of prime office stock and 60 percent of real estate
investment activity of the top 300.
"The
cities comprising the Global Top30 have remained broadly consistent since 2012
- Manila is a new entrant to the Top 30, while Madrid has fallen out, which is
symptomatic of the steady shift in the balance of real estate activity towards
the Asia Pacific region," the JLL said.
JLL
also cited Manila's strong growth as a destination for business process
outsourcing.
The
firm said the Global300 is based on a Commercial Attraction Index, which is
composed of key real estate measures and socio-economic and business indicators
such as economic output, population, air connectivity and corporate presence.
The
top 30 cities were further classified into super cities, mature cities and
emerging cities.
Manila
was among the emerging cities along with Seoul, Shanghai, Beijing, Moscow, Sao
Paulo, Jakarta, Istanbul, Guangzhou, Bangkok, Mexico City, Delhi and Mumbai.
"Emerging
cities have increased their presence in the Global300," the JLL said, also
noting that Asia Pacific cities such as Manila now account for almost
one-quarter of commercial real estate investment into the top 300 cities.
The
mature cities were Los Angeles, Chicago, Washington DC, Hong Kong, Atlanta,
Dallas, Singapore, San Francisco, Houston, Toronto, Boston, Sydney and
Frankfurt.
Those
considered as super cities were Tokyo, New York, London and Paris, which were
described by JLL as "an elite group that possesses a powerful combination
of economic scale and influence, deep corporate bases, highly liquid real
estate investment markets and large, diverse and high-quality commercial real estate
stocks."
"These
four cities wield significant economic might, particularly in the commercial
real estate market. They account for nearly one-fifth of the office stock and
commercial real estate investment volumes in the Global300," JLL said.
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